QUESTION Below are transactions for Red Fin Corporation during their first month of operations. a. Owner invested $300,000 cash and gave a building with a value of $650,000 to the business and received common shares in return. b. Purchased office supplies on account, $260. c. Performed services for a customer on account, $3,500. d. Purchased a piece of equipment by paying $200,000 down and signing a note for the remainder of $600,000. e. Performed services for a customer and immediately collected $4,500 cash. f. Employees worked and were not paid for salaries worth $3,600. Prepare journal entries for Red Fin Corporation. Note this is the company's first month of operations.
QUESTION Below are transactions for Red Fin Corporation during their first month of operations. a. Owner invested $300,000 cash and gave a building with a value of $650,000 to the business and received common shares in return. b. Purchased office supplies on account, $260. c. Performed services for a customer on account, $3,500. d. Purchased a piece of equipment by paying $200,000 down and signing a note for the remainder of $600,000. e. Performed services for a customer and immediately collected $4,500 cash. f. Employees worked and were not paid for salaries worth $3,600. Prepare journal entries for Red Fin Corporation. Note this is the company's first month of operations.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:QUESTION
Below are transactions for Red Fin Corporation during their first month of operations.
a. Owner invested $300,000 cash and gave a building with a value of $650,000 to the business
and received common shares in return.
b. Purchased office supplies on account, $260.
c. Performed services for a customer on account, $3,500.
d. Purchased a piece of equipment by paying $200,000 down and signing a note for the
remainder of $600,000.
e. Performed services for a customer and immediately collected $4,500 cash.
f. Employees worked and were not paid for salaries worth $3,600.
Prepare journal entries for Red Fin Corporation. Note this is the company's first month of
operations.
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